Prime Mining Corp. Suspends Drilling at Los Reyes Project Amid Security Concerns
Vancouver, Wednesday, 19 February 2025.
Prime Mining Corp. eyes a substantial 2025 drilling program despite temporary suspension due to security concerns at its Los Reyes project in Sinaloa, aiming to expand gold and silver resources.
Temporary Suspension and 2025 Plans
Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) has temporarily suspended drilling operations at its Los Reyes gold-silver project since January 28, 2025, due to security concerns in Sinaloa, Mexico [1][2]. Despite the pause, the company has already completed approximately 1,500 metres of drilling in 2025 [1] and maintains an ambitious outlook with plans for a 40,000-metre drilling program once operations resume [2][3]. The company’s CEO Scott Hicks emphasizes that the temporary suspension is not expected to impact their overall 2025 objectives [3].
Project Investment and Resource Development
Since acquiring Los Reyes in 2019, Prime Mining has demonstrated significant commitment to the project, investing over $62 million in exploration activities and completing more than 220,000 metres of drilling [1][2]. The company’s latest resource estimate, announced on October 15, 2024, was based on gold prices of $1,950/oz and silver at $25.24/oz [1]. Historical operations at Los Reyes have proven fruitful, with approximately 1 million ounces of gold and 60 million ounces of silver recovered between 1770 and 1990 [1].
Strategic Focus Areas
The 2025 exploration program aims to expand resources in several key areas, including the Central Area through additions at Noche Buena and its connection to San Miguel East [1]. The company plans to conduct generative target drilling at Las Primas, Fresnillo, and Mariposa [1]. Additionally, Prime Mining is working toward a Preliminary Economic Assessment that will address metallurgical, geotechnical, mine planning, and infrastructure requirements [2].
Financial Position and Forward Outlook
According to CEO Scott Hicks, Prime Mining is well-positioned financially with approximately $19 million in cash to fund upcoming programs [2]. The company maintains drill rigs on site and contractors on standby, ready to resume operations as soon as the local security situation improves [1][3]. Prime Mining continues to work closely with local authorities to monitor the situation and ensure a safe return to operations [1].